Louisiana Sportsbooks Keep Pounding Bettors In Record October

For the second straight October, Louisiana sports betting operators offered more tricks than treats to the betting public.

The Louisiana Gaming Control Board reported Thursday all-time monthly records for sports wagering revenue and handle for October as Pelican State sportsbooks again pummeled bettors in staggering fashion.

The state’s 18 retail sportsbooks and nine mobile betting apps claimed $43.3 million in gross revenue, narrowly improving on September’s record haul by about $200,000. Handle topped $300 million for the first time in 24 months of wagering in Louisiana, reaching $308.6 million as it eased past the previous standard of $282.3 million established in January.

The 14% hold on gross revenue was actually down 1.4 percentage points from September but still double the long-held industry standard of 7%. Louisiana sportsbooks have had a collective win rate of 12% or higher in 13 of the 24 months of commercial wagering, and the Pelican State is home to six of the nation’s 45 monthly revenue reports in 2023 featuring holds of 12.6% or higher.

Promotional spend totaled $876,000, just the second time this year it was below $1 million. That meant the $42.5 million in adjusted gross revenue subject to taxation was also an all-time high. Louisiana had an inflow of $5.3 million into its tax coffers in October, topping September’s then-record by $1,340.

Another record-high month for parlays

The LGCB only provides revenue figures, not handle, for sport categories, but the state’s sportsbooks have feasted on the public when it comes to parlay wagers. October saw a second consecutive monthly all-time record for the house as the $27.4 million in winnings was 18.8% higher than the $23.1 million attained in September and represented 63.3% of the overall gross revenue.

It was the fifth time in the last 13 months operators have accrued at least $20 million in parlay revenue, and the $162.3 million in year-to-date revenue has already surpassed the full-year 2022 total of $151.7 million.

When it came to single-event wagering, bettors had a relatively improved performance in football. The $7.6 million in operator revenue was down 16.5% compared to the $9 million-plus in September, but the start of the NBA season contributed to $2.2 million in basketball winnings. That was up 41.5% from October 2022.

Though baseball revenue was down more than $3 million from September to $3.7 million, that was more than double the $1.6 million from the previous October as books did not have to pay out winning Astros futures for the American League pennant this year. November figures to be a happier month for the house knowing it does not owe Jim “Mattress Mack” McIngvale big winnings after he cratered Cajun sportsbooks with his $58.7 million payday last November for the Astros’ World Series title that led to an overall statewide loss of $25.3 million.

Year-to-date figures strong compared to 2022

The first 10 months of 2023 have clearly seen the house get the better of the public. Handle is up notably at 21.8% to $2.17 billion, but gross revenue has surged at nearly double that rate — up 39.2% to $280.9 million.

The collective hold through the first 10 months of wagering this year is a head-shaking 12.9%, and Louisiana sportsbooks had a high bar to clear for improvement considering the year-to-date hold at this point in 2022 was 11.3%. The $22.1 million in promotional spend is down 11.1% compared to last year, which has helped adjusted gross revenue climb 46.3% to $258.8 million. The tax revenue just shy of $33 million is running $7.7 million ahead of last year’s pace.